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3w ago

FWD Group Aims to Raise US$442 Million in Third Hong Kong IPO

The insurance group backed by billionaire Richard Li secured US$150 million from Mubadala followed by US$100 million from T&D before trading begins on July 7.

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Executive director Richard Li Tzar-kai will own 66.45 per cent of the insurer after the stock listing. Photo: Edmond So

Overview

  • FWD Group will offer 91.3 million shares at HK$38 each to raise HK$3.47 billion (US$442 million) in its upcoming IPO.
  • Cornerstone investors include Mubadala, which has committed US$150 million, and T&D Holdings, which plans to invest US$100 million.
  • This third listing attempt follows a shelved New York IPO in 2021 and a halted Hong Kong application in 2022 due to regulatory and market challenges.
  • Net proceeds are earmarked for strengthening capital buffers, reducing debt and accelerating growth in digital insurance and customer acquisition.
  • The July 7 listing follows a resurgence in Hong Kong’s equity market highlighted by CATL’s US$4.6 billion fundraising and Jiangsu Hengrui Pharmaceuticals’ US$1.27 billion offering.